Canada’s retail sales dropped -0.6% mom to CAD 69.4B in January, marking a steeper-than-expected decline and signaling subdued consumer spending.
The largest drag came from motor vehicle and parts dealers, while overall sales fell in three of nine subsectors.
Core retail sales, which strip out gasoline and auto-related purchases, also slipped -0.2%.
Adding to the concern, Statistics Canada’s advance estimate suggests retail sales fell another -0.4% in February.
